Profile cover photo
Profile photo
Bradley Covey
93 followers -
Bankruptcy: Not a failure ...a Fresh Start!
Bankruptcy: Not a failure ...a Fresh Start!

93 followers
About
Posts

Post has attachment

Post has attachment
Should I file bankruptcy for $20,000?

I believe it is a matter of degree. Sometimes I am asked, “I have $20,000 in debt (or $10,000 or $100,000 or whatever).  Can I file bankruptcy?  And if I can, should I file bankruptcy?”  The answer to can you file bankruptcy is yes. There is no minimum amount of debt required to file bankruptcy.  If you are otherwise qualified, you can file bankruptcy.

Whether you should file is more of a judgment call.  Just because you can file does not necessarily mean you should.  I have clients with little debt that choose to file bankruptcy for strategic reasons or because their income level is just so low that they just can’t pay back $10,000 in debt.  On the other end of the spectrum, I meet people who have over $100,000 in credit card debt, taxes or other debt, but do not file for various reasons;  maybe they actually have the income to pay it off or will lose assets if they file bankruptcy.

And I meet with clients who  could go either way.  They can file and get a good result, or maybe they can pay back the debt in full or in part with a Chapter 13 bankruptcy.  It then it depends on whether they can pay back the debt in a few years, or whether it will take many many years of minimum payments and it depends on their short and long term goals.   The decision of whether to file bankruptcy is based on a complete analysis of each individual’s situation.  Sometimes bankruptcy is a silver bullet and sometimes it’s not.

For those having financial problems and wondering what to do, the best course of action you can take is to gather information.  Talk to a financial advisor, a bankruptcy attorney and any other professionals that may be relevant to your situation.  At the very least, you want to make an informed decision.
Photo
Add a comment...

Post has shared content
Foreclosure? Short Sale? Top 4 ways to avoid being taxed in 2014.
If you've lost a home in a short sale or foreclosure, 2014 is a lot different tax-wise than 2013. We've got 4 ideas for avoiding the problem of taxation after foreclosure or short sale:

http://www.consumerledger.com/short-sale-foreclosure-tax/
Photo
Add a comment...

Post has attachment
Filing Chapter 7 vs Chapter 13 Bankruptcy in Illinois
Which is Better?
What are my bankruptcy options? Learn about the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy on my website.
Bankruptcy Attorney Aurora Illinois
Bankruptcy Attorney Aurora Illinois
illinoisbankruptcyattorney.cc
Add a comment...

Post has attachment
Avoid foreclosure with a Short Sale. Read my blog post on Short Sales including an excellent video from the Kahn Academy on Short Sale Basics. #shortsale   #foreclosure   #bankruptcyattorney  
Add a comment...

We are pleased to announce that the Covey Bankruptcy Law Firm, P.C. has relocated our Wheaton Office to 1755 S. Naperville Rd., Wheaton, IL 60189, 630-260-5677. #bankruptcyattorney   #dupage   #bankruptcy   #wheaton  
Add a comment...

Post has attachment
Can I Wipe Out Social Security Overpayments by Filing Bankruptcy?
read my post
Add a comment...

Post has attachment
40 Million Mistakes: Is your credit report accurate? Video
Video from 60 Minutes detailing problems within the credit reporting industry.

Credit Report Mistakes Video
#credit   #creditreport   #video  
Add a comment...

Post has attachment
A good video from the FTC on debt collector laws
#debtcollectors   #bankruptcy   #bankruptcyattorney  
Add a comment...

Post has attachment
Covey Bankruptcy Law Firm, P.C., 232 S. Batavia Ave., Batavia, IL 60510 (630) 879-9559 - Bankruptcy A Fresh Start! Call today for a Free Consultation.  We help people file Chapter 7 and Chapter 13 bankruptcy in Kane County, Illinois.
#bankruptcyattorney   #kanecounty   #batavia   #illinois  
Add a comment...
Wait while more posts are being loaded